Beijing Shunyi Xincheng Construction and Development Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 1,000,000,000 on June 17, 2021. The transaction will involve participation from existing investor, Tianjin Guangyu Development Co., Ltd. (SZSE:000537). Post-closing of the transaction, the investor will retain its 100% stake in the company. The transaction has been approved in the in the 9th meeting of 10th directorate of Tianjin Guangyu Development Co., Ltd. (SZSE:000537) and does not require its shareholders’ approval.